Rescue bill fails to pass in Congress

Posted By on September 29, 2008

Market chartIt was a rough day on Wall Street, but nothing like it will be if they aren’t able to pass a bill to keep money flowing in the U.S. When paychecks are no long being cashed and layoffs start occurring in full force, their will be blood. For most, the losses are currently just on paper as the DJIA closes at 10,365.45, down 777.68 points 7% drop. The Nasdaq and S&P 500 were even worse, down about 9% at the close … big numbers for those of us funding, or planning to fund, our children’s education and trying to be responsible about retirement.

The Republican minority in congress who thought they had enough votes to pass the rescue/bailout bill today, said that it was a “poisoned” partisan speech from House Leader Nancy Pelosi delivered before the vote that sabotaged the distasteful $700 Billion bill — nobody actually likes it, but most fear the outcome if one isn’t passed. The vote was 228-205 against the measure, with one member not voting. There was broad bipartisan opposition, so neither side can really complain, even though they will. More than 90 Democrats and 130 Republicans voted against the bill. (NYTime article)

John Boehner (R – OH) voices frustration and
blames today’s bill failure on Nancy Pelosi

Comments

  • Until TV, nobody knew the caliber of the clowns governing the country. It’s impossible to observe these chowder heads in action with their funny hats and balloons, without feeling sure we’re destined to go the way of Rome, Greece and big-time vaudeville…GrouchoMarxGroucho Marx, The Groucho Letters

  • BJensen

    There is no question that we are facing an economic crisis but both political parties want to blame the other in order to garner votes but in reality there is plenty of blame to share. Our capitalistic economy has generated wealth the wonder of hte world and we though the bubble would nbever burst. 9/11 initiated a serites or wealth drain way beyond the expectations of Osama Bin Laden.

    Starting in the ’60s the environmental luddites amongt us shut down the proliferation of nuclear power and excerbated necessary environmental concerns so that we began draining untold billions of dolars out of our economy. Shutting down offshore and Alaska drilling further diminished our ability to furnish more energy sources. Energy is the basic necessity necessity for all economic activity. P D

    The huge increase in oil pricing alone costs us a half trillion a year and that money could stay in our economy if it were kept here. R

    9/11 generated a trillion or more expense for domestic security. P-D-R

    Our ever increasing trade deficits contribute another few trilloin over the years- one of the major drains. Yes, we export jobs but it is the peoples choice to buy foreign goods because they are produced with cheaper labor. I for one will never buy another imported car but I see no alternative for my tennis shoes or TVs. P

    The War in Iraq , right ot wrong ( we won’t know for years) cost upwards of a trillion and because of thre political bickering probably doubled the cost in time, lives lost and dollars to the tune of anothet trillion or so. R D

    In a capitalistic economy, ours, government drains wealth (taxes) to provide essential Governmental services. To stimulate a faltering economy government can drain less (taxes) and keep interst low. Lower interest stimulates business as almost every business operates on bank credit.
    Thecurrent administration has cut taxes and we now have a 2% T- Bill interest ratre. Even with a huge increase in our national debt we ar e paying less in interest than we did six years ago. So in economic terms the Republicans have shown far greater astuteness than the Democratic liberal socialistic promises to spread the capital around rather than allow it to genrate more wealth.

    P = Public
    D = Democratic Party
    R + Republican

    Everyone has a personal litmus test such as the marriage issue, aborthon, guns and others. Our entire standard of living is at risk and I think we should put the countries welfare and the welfare of the nest generation ahead of our personal issues.

    We are facing an election with a less than elegant choice of candidates. The contest is absically a personality contest!! Absolute nonsense. Yet, for me, it is a no barainer. I am voting Republican.

Desultory - des-uhl-tawr-ee, -tohr-ee

  1. lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
  2. digressing from or unconnected with the main subject; random: a desultory remark.